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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Total revenues $ 7,984 $ 9,075 $ 26,286 $ 53,205
Cost of revenues        
Total cost of revenues 5,770 5,561 18,117 38,761
Gross profit 2,214 3,514 8,169 14,444
Operating expenses        
Compensation, taxes and benefits 3,624 3,526 10,927 12,216
General and administrative 2,501 3,646 7,502 10,757
Total operating expenses 6,125 7,172 18,429 22,973
Loss from operations (3,911) (3,658) (10,260) (8,529)
Other income (expense)        
Other income 15 99 61 190
Expenses for Equity Reserve Facility 0 0 (198) 0
Derecognition of tax receivable agreement liability 0 5,201 0 5,201
Interest expense (1,104) (1,413) (4,739) (4,068)
Total other expense, net (1,089) 3,887 (4,876) 1,323
Loss before income taxes (5,000) 229 (15,136) (7,206)
Income tax expense 0 6,606 0 6,132
Net loss (5,000) (6,377) (15,136) (13,338)
Net loss attributable to noncontrolling interest (2,320) (3,687) (7,852) (9,283)
Net loss attributable to Direct Digital Holdings, Inc. $ (2,680) $ (2,690) $ (7,284) $ (4,055)
Net loss per common share attributable to Direct Digital Holdings, Inc.:        
Basic (in dollars per share) $ (13.01) $ (39.01) $ (42.68) $ (60.82)
Diluted (in dollars per share) $ (13.01) $ (39.01) $ (42.68) $ (60.82)
Weighted-average number of shares of common stock outstanding:        
Basic (in shares) 233,000 68,000 179,000 66,000
Diluted (in shares) 233,000 68,000 179,000 66,000
Sell-side advertising        
Revenues        
Total revenues $ 641 $ 2,202 $ 5,153 $ 33,001
Cost of revenues        
Total cost of revenues 1,457 2,654 6,946 30,670
Buy-side advertising        
Revenues        
Total revenues 7,343 6,873 21,133 20,204
Cost of revenues        
Total cost of revenues $ 4,313 $ 2,907 $ 11,171 $ 8,091